Ventured in the year 2010, SBI is expected to become a large player in the general insurance Market! SBI General insurance Company Limited is a joint venture between the State Bank of India and Insurance Australia Group (IAG). SBI owns 74 percent of the total Capital and IAG holds 26 percent.
Over the years, SBI General Insurance has established its presence in 23000 branches of State Bank of India. Also, it has recently licensed 10 Regional Rural Banks in India. The current policy offerings by SBI General Insurance covers Motor Insurance, health insurance, Travel Insurance, Personal Accident and Home insurance.
Insurance Australia Group Limited is an international general insurance group, with operations in New Zealand, Australia, the United Kingdom and Asia. AIG’s businesses endorse over $11 billion of premium per annum, selling insurance under many leading brands.
As of June 2019, SBI General Insurance's overall market ranking was 13th among about 30 insurers. It recorded 32.83 per cent growth in gross written premiums in the financial year 2019 at ₹47.17 billion.
FY19-20, the SBI General Insurance registered 23.4 percent growth with a profit of ₹412 crores. Its revenue grew by 45 percent to reach ₹6,840 crore for the FY19-20.
As on 31 March 2021, SBI General Insurance is ranked 12th in the Industry.
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The experienced claim management team at SBI General Insurance aims to provide customers - fast, convenient and transparent claim process. With their best in class service, SBI General Insurance Company Limited is definitely prospering in their aspiration to become - the most reliable general insurance and to increase insurance penetration in India by implementing transparent and fair business practices.
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